Conveyancing is the technical word that is used to describe the way that a property is legally transferred from one person to another.
Technically, you can do the conveyancing yourself, but if the property is being bought with a mortgage, your lender will insist that you use a lawyer to confirm that the property is free from any liens or other encumbrances and to draft the appropriate charge documents. A few law firms in Cayman have departments that specialise in conveyancing. Their job will be to prepare the paperwork for your mortgage and property transfer. They check that there are no encumbrances such as a mortgages lien, outstanding strata payments or anything else which would hinder the purchasers use and enjoyment of the property. They usually charge 1% of the property value unless a different figure has been negotiated.
A typical simple transfer of land takes no more than three to four weeks, with registration of the new proprietor at the Land and Survey Department taking place four to six weeks after that.
Bedell Cristin's attorneys specialise in international offshore work and also have a thriving local practice in the Cayman Islands.